| Entities | |
| Topics and Issues | Financial inclusion (22) |
In September 2023, the Federal Deposit Insurance Corporation (FDIC) held an event, Innovations in Account Access: Utilizing Core Technology to Reach the Unbanked. The agenda was published online.
The welcome was offered by Mia Sowell, the Senior Community Affairs Specialist at the FDIC, followed by opening remarks from Elizabeth Ortiz, the Deputy Director of Consumer and Community Affairs, Deposit and Consumer Protection (DCP) at the FDIC.
Panel 1: Identifying Opportunities to Overcome Barriers Faced by Consumers Seeking Bank Accounts
This session and moderated Q&A will discuss some of the main barriers consumers may face when opening a bank account, why they may face these barriers, and what some of the implications are regarding the consumer’s ability to start a banking relationship. Speakers will also describe some ways that core technology communicates this information to banks and will provide some insights regarding ways to ultimately offer accounts shortly after addressing the identified barriers. Finally, the importance of bank/core provider partnerships will be discussed.
The panelists were Kimberly Kirk, the Executive Vice President, Chief Operations Officer Queensborough National Bank & Trust Company, and Chair of the Core Platforms Committee, American Bankers Association; Joyce Rains, Director of JHA Client Services Consulting℠, Jack Henry & Associates Inc.; and Nicole Valentin-Smith, Vice President, Strategic Client Engagement Fiserv. The panel was moderated by Montrice Yakimov, Associate Director of Community Affairs at the FDIC.
Panel 2: Utilizing Core Technology to Overcome the Barriers to Offer Affordable Accounts
The panel will discuss how some banks have partnered with their core providers to utilize new and innovative technology to introduce (or re-introduce) consumers to the banking system through affordable accounts. Panelists will share information about the ChexSystems/Bank On bundle which helps financial institutions offer affordable accounts to more unbanked consumers.
The panelists were Brenda Bruce, Director and Product Line Manager at FIS Growth Solutions in FIS; and David Rothstein, Senior Principal at Cities for Financial Empowerment Fund. The panel was moderated William Henley, Associate Director, IT Supervision, Risk Management Supervision at the FDIC.